5) Litecoin ($LTC) — 10.99%
On March 23, Litecoin underwent the biggest rally of the month — increasing by approximately 16% from $80 to $93 per token.
Halvings for Bitcoin and Litecoin in the past have the tendency to trigger a bull run. Consequently, it is quite likely that the upcoming Litecoin halving in August would not be an exception. LTC mining is slowed down by the Litecoin halving process. This increases the asset’s scarcity in turn. Also, this time, miners are rewarded with 6.25 LTC for their efforts.
The hype surrounding the Litecoin halving may have persuaded traders to buy LTC in the face of a “market-wide slump,” according to independent market analyst Rekt Capital.
3) Flare ($FLR) — 12.67%
The price of Flare increased by more than 12% on March 25 as the global market cap decreased by about 2.20% as a result of Friday’s share decline experienced by Germany’s largest multinational lender, Deutsche Bank, as concerns continue to grow as a result of the global bank failures.
The price of the FLR token has increased since Flare released the FlareDrop on March 14, which is around less than a month after Flare blockchain demonstrated buying NFTs on its chain using tokens on another blockchain.
Flare intends to give active Flare community members who have wrapped their Flare tokens a total of 36 monthly FlareDrops worth 24.2 billion FLR. Tokens can be claimed at 12:00 UTC every 30 days after March 17, 2023, when the drops began. Any unclaimed FLR drop tokens will be burned 67 days following each distribution.
3) XDC Network ($XDC) — 14.22%
XDC has been enjoying a steady growth throughout the month of March, in addition to a 20% increase on March 21 — which could be attributed to the networking event for XDC that its developers hosted in Dubai on that day. Moreover, XDC actively took part in ETH Dubai, which ended on March 16.
2) Nexo ($NEXO) — 14.56%
On March 25, NEXO had a significant increase in development activity, which may encourage investors and support NEXO’s value even further. Investors should, however, keep an eye on the resistance level at $0.777 and the price movement of BTC beforehand.
The lending platform experienced a notable increase after introducing proprietary market intelligence tools to Nexo Pro, an institutional and corporate-grade lending and trading service.
Nexo’s native token, NEXO, offers users benefits like lower lending interest rates and the chance to collect interest payments on money deposited when locked in the network. Moreover, dividends from Nexo’s earnings are paid to token holders.
1) XRP ($XRP) — 21.64%
The biggest gainer of the week is unsurprisingly Ripple’s XRP token, as its value gets a huge boost from the SEC lawsuit reaching its end soon.
Ripple CEO Brad Garlinghouse remains optimistic that the highly publicised legal action will be resolved in the first half of the year. Future of other coins and the Ripple-linked token may depend on how the court case turns out.
However, Fortune’s cryptocurrency column editor Jeff John Roberts claimed in a newsletter that Ripple and XRP may succeed, no matter the outcome of the SEC case. Roberts wrote that Ripple had finally discovered a long-term value proposition for both the firm and XRP — its On-Demand Liquidity (ODL) product.
By using XRP as a bridge currency, Ripple’s ODL enables low-cost, nearly instantaneous cross-border transactions. The company may be in a position to prosper with this approach, the author indicated, independent of the outcome of its legal dispute with the SEC.
Cryptocurrency analyst Tara projected that the bullishness will continue if the price of XRP broke above $0.451.
XRP has surpassed all other currencies in terms of trade volume on South Korea’s two main exchanges, Upbit and Bithumb. The cumulative trading volume of XRP on the two platforms in the previous 24 hours amounted to over $276 million.
